Palazuelo sets sights on more property in
Detroit

The owner of the Packard Plant says he has another 1.5 million square feet of industrial space in the city under contract with plans for a large scale mixed-use conversion.

Fernando Palazuelo declined to identify the property he plans to close on by May 1, but said it is in the city and will be turned into light industrial and office space, and low-income apartments.

He also expects some of the redevelopment cost to be financed through a crowdfunding campaign that will kick off later this year.

This isn't the first time Palazuelo has eyed Detroit properties other than the Packard Plant, located at I-94 and East Grand Boulevard and planned for a redevelopment costing more than $400 million over the next seven to 15 years (see related story).

Last year, he told Crain's that he was planning to purchase several storied office buildings in the greater downtown area, including the Book Tower and Book Building, the Fisher Building and Albert Kahn Building in the New Center area and the Penobscot Building.

The first four buildings have since sold to other buyers, and the owner of the Penobscot has maintained the building is being marketed for lease only.